If you only have a low monthly income, many banks do not have the best options when it comes to granting a loan. Due to the low income and the monthly fixed costs, the creditworthiness of the borrower is rated low. Even so, low-income loans are not impossible .
The house bank can often help low earners
Those who earn less should first ask their house bank for a solution in the event of financial difficulties. Through long and good cooperation, a small loan can be granted in many cases despite low earnings. In many cases, it is also possible to set up or increase a credit facility. If the house bank cancels, you can search for a reputable credit broker on the Internet. In this case, low-income earners should opt for a credit-independent loan or for a small loan with long terms.
Both variants can usually be obtained with good Credit Bureau information. If a bank or a credit intermediary declines despite everything, collateral can be offered. Borrowers who can show either high savings, life insurance or real estate have a good chance of getting a low-income loan. A solvent guarantor can also vouch for the amount raised with his own capital in the event of a loan default.
A personal loan can also help with low earnings
Borrowers can also get loans from private individuals on numerous Internet portals. A loan for low-income earners can be applied for quite easily on these portals. After registration, the borrower sets up a loan project and explains in detail which project the money is needed for. The private donors themselves decide whether they support the project with their money. As soon as the loan project is fully funded, the requested loan is paid out. The money is paid out through an intermediary bank. The monthly loan installments are also paid back to this bank. The individual lenders get their money back from the bank with a corresponding return.
Low-wages should not react negatively to rejection
Due to the economic situation, the wage level of many workers is very low. This often has a negative effect on the credit decision of many banks when lending. Despite regular income and fixed employment contracts, the wages of many workers are so low that no loan can be serviced. The banks that refuse a low-income loan cannot be blamed for their decision. On the one hand, they protect the bank from a loss and on the other hand, the borrowers are saved from another monthly charge that they may not be able to service in the future.